Martha Coakley issues statement in support of President Obama's tax on banks.

Earlier today, President Barack Obama outlined his plan for a tax on the nation's 50 biggest banks in order to recoup the cost of last year's bailout.

Democratic candidate for U.S. Senate (who may benefit from a new web video Obama recorded earlier today), released a statement in support of the President's plan.

"It is extremely disappointing to see the massive bonuses given out on Wall Street to the very firms that got us into this economic mess," Coakley said. "These excesses are further proof, as I have said before, that there should have been additional restrictions included as part of the taxpayer assistance that they received."

She continued, "As Attorney General, I have taken on Wall Street and recovered millions for the taxpayers of Massachusetts. As Senator, I would support this proposal because it holds the largest Wall Street firms accountable for their abuses that caused millions of people to lose their jobs, as well as it works to recover the hard-earned taxpayer dollars of the middle class."

"Now is the time for Scott Brown to tell us what side he's on, and who he wants to fight for.  Despite his tea party rhetoric about never supporting a tax hike, the truth is that he has supported more than $300 million in new taxes and fees on middle class families.  We'll find out if his "no tax" pledge only applies to the privileged."